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tv   Bloomberg West  Bloomberg  May 20, 2016 11:00pm-12:01am EDT

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mark: you are watching bloomberg west. let us begin with a check of your first word news. the associated press says elite manifest for egyptair flight 804 contained no names on a current terror watchlist. it has not been verified. officials say it is still too early to tell what brought down the paris flight, which brought down 66 people. oklahoma governor mary fallin -- ba voted
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the white house was placed on lockdown for about an hour. president obama was not there at the time of the incident. mexico has approved the extradition of a drug lord want keen el chapo guzman to the u.s. the extradition can still be appealed. global news 24 hours a day powered by 2400 journalists in more than 150 news bureaus around the world. i am mark crumpton. bloomberg news is next. anna: emily: i'm emily chang,
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and coming up on bloomberg west, private investors and had an insatiable appetite for shares. but it secretive, private stock fell. a look at what happened. and shares are through the roof after fine materials beat on quarter to earnings. and can instagram take on the likes of amazon and google? we will speak to the ceo as competition in the greater delivery market heats up. but first, to hourly. the private tech stock has called off an opportunity for everyday investors to buy uber shares. a spokesperson for the company said it became clear the minimum funds would not be selected for this deal, and as a result the sales team began to inform interested clients about this fact. here is how the transaction would have worked.
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investors shell out for a small stake, until of their goes public organs acquired -- uber goes public organs acquired. we get a glance into the increasingly complicated start investing. looking to buy hot tech startups before ipo. uber declined to comment on the proposal. but when it learned of an authorized shares on the market, a contacted people involved. newcomer, now, eric who broke the story, and our guest host for the hour, for evernote ceo phil litton. gentlemen, thank you so much for us. eric, i will start with you. what happened? eric: i think there is demand for uber. and they wanted to sell the shares. it is sort of a very complicated financial vehicle. they say they just
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could not get enough interest. i think -- uber is very actively policing what is going on. emily: did they not get enough interest, did they get discouraged from doing this? eric: i got my hands on some of the documents. they said the deal was off. they have been briefing people on it as recently as last week. and uber, while they will let's say exactly what they do in this case, they go after people when they think there is sort of an on allowed offering. l, what is your sense of what happened? phil: i think the private secondary markets are hard to make anything out of any particular action. buyers versus sellers, but it is traded at fair value, in private secondary, it can really be anything. it could be a small number of sellers, but even a seller with an agenda. but it just did not happen. emily: where were these going to
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be shared? phil: it was not very clear in the financial documents with the buyer. little the buyer understands. there are 10 pages of risk factors, but they do not say much about uber the company. is it the risk in china? what do we have to think about this already complicated investment structure just to have access? emily: this is something that came about because of the facebook ipo, the sec started looking into it. mary jo white had this to say about secondary offerings back in 2012, warning of potential challenges. take a listen. mary: care should be taken to avoid these issues. in the new secondary market that is emerging, structured largely around derivative contracts and other novel ways to capture the economic interest in the pre-ipo company without actually
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transacting in its stock. and depending on the structure of these derivative deals, errors and misconception evaluation could be amplified. whether to leverage or simply be contracts built on faulty valuation. the sec be, should concerned about any kind of secondary offering? phil: this is an area that will have involving regulation and legislation to secondary .fferings think of it is to give employees, founders, private holders a way to get some liquidity and longer-term healthier companies. but it is very much in the early stages of regulatory. emily: facebook did a lot of secondary offerings. at a certain point, they had to ultimately go public. because they had so many investors. public, they did go
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they do not have enough. of course, shares have tripled since then. but is this a dangerous phenomenon? >> the long-term trend is what secondary companies do. they delay how long it takes them to go public. they can stay private for little longer. that is good for technology companies, because markets are so short-term focused, and tech companies need to plan years ahead. if a company can get out one or two years of being private, and secondary offerings are a big part of the. in general, that is a good thing. but there are clearly opportunities for mistres misch. emily: how long will it be before the employees and investors can get real liquidity? before the ipo? >> i think the company is starting to entertain processing secondary. a lot of the employees have joined more recently. in terms of a public offering where the best majority is real liquidity, it could be years away.
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i think the ipo is what people need to focus on when they think about liquidity, and that is still some time away. the vast majority of employees, uber is still saying not anytime soon. i think the ipo is what people need to focus on. emily: how do you manage that early stage of the company, and how is that for people that have been committed for years and years and have not seen an exit? phil: it is tough. the best motivator of talent and financial. it is always a distraction to think about your share price. whether it is private or public. and the secondary, if you handle it well, it is a nice way to even out some of that stress. emily: well, it is a story i know that eric will keep following. eric, thanks so much.
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mel, you are sticking with for the hour. new story, repricing stock options without shareholder consent, a move that is a urgent in the event, or in an option exchange program. the decision is meant to protect shareholders, while providing an incentive for talent stay at the stock price of twitter stumble. remember, back in october, ceo jack dorsey handed over a third of his twitter shares trading at around $30. they closed $14.43 on friday. coming up, applied materials shares soared the most in seven years after reporting earnings. what are investors so excited about? plus, in the age of uber for everything, do we need so many on-demand delivery startups? instacart ceo joins us to explain why his company will
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stand the test of time. ♪
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emily: applied materials shares jumped through the roof on friday trading, the largest gain in seven years, after eating -- beating earnings and revenue estimates for the second quarter. the display industry saw a whopping $3.45 billion in new orders. the company's machinery is used to make parts for processors and memory chips that are at the heart of the iphone and flatscreen tvs. here to discuss what is behind those booming numbers is the applied materials ceo, gary dickerson, joining us from applied materials headquarters in santa clara. still with me is phil libin.
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reported over 50% rise in orders, while the rest of the industry is saying it is going to be flat. how on earth is that possible? gary: as you said, our orders were at $3.5 billion this last quarter. and we also guided about 25% higher than the highest earnings we have ever had in the history of the company. really a tremendous performance. this is really not an industry story. this is really an applied materials story. we are seeing some of the biggest changes we have seen in decades in memory technology, where applied is the best positioned company to enable these changes. we're seeing big changes in the display industry, moving toward organic led. and also china is another big wave for us. so, all of these areas, memory, the display, china are really
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big changes, big inflection. and we are the early innings of those changes, and it is really a unique applied materials story, relative to growth in the inflection. emily: display making machinery orders surge to record numbers, is it the iphone driving this record level search? what is driving that? gary: it is really the change in the mobile products to organic led displays. what we're going to see is used a huge transition over the next couple of years. that will drive a massive change going from lcd to organic led, flexible displays. and applied provides the technology, the new materials that enable this major wave that is coming in mobile. and really again, this is a unique applied story. applied is far and away the best
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positioned company as this transition happens. phil: gary, there is a lot of interest in vr. do you think that drives additional technology? gary: you just heard google this week talking about virtual reality. i do not know if you have had a chance to experience any of these types of virtual reality or augmented reality devices and the applications are really fantastic. what they are talking about to enable the devices and have an experience, a great user. they are moving toward organic led. and i really think again we are in the early innings of this particular inflection. and we are working with companies, big companies on second-generation third-generation technology that will make the experience even better than what we see today. so definitely, this is another one of the drivers of the display industry. emily: you have talked about
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china being a strong driver of growth for chip machinery orders. are these domestic companies or foreign companies moving the action to china? gary: so we have doubled our revenue in china over the last two years. what we are seeing is very strong growth. we have very strong positions in china. applied materials was the first company to establish a presence in china. 30 years ago, we opened our first office there. and the team we have, the relationship we have with us both domestic and multinational companies is really outstanding. certainly, we are seeing growth in terms of domestic companies. but you also see many companies, multinational companies, establishing a presence. samsung, intel, we expect that again we are still in the early innings of phenomenal growth in china. it is our strongest region,
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relative to market share. and applied is in a great position as this wave moves forward. emily: applied materials ceo gary dickerson, thank you for joining us. libin, my guest host, is staying with me. now, to this day in tech history. on this day in 1873, san francisco businessman levi strauss and jacob david were given a pass to create work pants reinforced with metal rivets, marking the birth of one of the world's most famous garments, blue jeans. fast-forward, 143 years, levi and google are partnering up and announcing a new connected jacket. the smart jacket will allow wearers to do things like control their music, answer phone calls, access navigation and more all by tapping and swiping on the jacket sleeve. coming up, we will run through the other big gadgets to come out of google's developer conference, from ai to
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virtual reality. that is coming up next. ♪
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♪ emily: a story we are watching. chinese internet company spiked 5% after trading. after the morning post reported that google is in a potential partnership. is currently the third-largest search platform. with this partnership, google could expand its influence in china. and staying with google, the developers conference officially wraps. now, the tech giant showing out the major bets on ai assistance that can be accessed with a messaging app. they are also showcasing new hardware for home and virtual reality. so how soon will these investments pay off for alphabet.
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minnie ingersoll joins us now. she spent over 10 years and google and helped to launch google fiber. ofll with me, phil libin general catalyst. google announced a lot of things. what are the things that stood out to you must? minnie: sure, i think it waa little bit less about any particular product that was announced. and really google painting its vision of the future and of innovation. and i think what i was at google 10xtalked about larry page's mentality. better driving spirits or artificial breakable with the talked about was a better way of interacting with the world. emily: i know you are obsessed with this, something you have been looked at closely. what you think? phil: i think the ai is the new platform. it will be what powers the next level of growth.
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challenging bots be for google's ad model? them?ds challenge as we get closer and closer to what people actually want, it is harder to inject with people do not want. which are advertising. emily: what do you think? minnie: i think it would be great, fine if we up and the advertising model. i do not think we are way to having to click on and out in pay for that impression. emily: what about virtual reality? google has this whole new ecosystem, daydream. how promising is it? minnie: i am extremely excited for it. if you have ever done a demo, and you are roasting at a boxing match, and you hear the crowd roaring behind you, i think that is the future. and i like that google is building a platform for developers.
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i think it enables a lot of entrepreneurial. spirit. and a lot of startups can go out and build on top of the platform. emily: it is actually kind of exhausting because it is so realistic, but it is still very crude, at least the demo that i tried. and i wonder, obviously, this is something that facebook is already deep in. apple is looking into virtual reality. amazon as well. how well positioned are they going to win in this space? phil: i think google's position to make a great product. i think they are going from impressive to being fun. i have had a load of the vr experience for a years, and before it was just tiring and nauseous. this year, a lot of the experiences are generally fun and enjoyable. and i think that is how we know it will become mainstream. emily: what about google home versus amazon echo?
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minnie: again, i think it is a different way of interacting with the world, and that is exciting. we are going to talk and have context that google can provide better answers. many of google products, we all had e-mail before gmail came is not aboutnk it being first to the space, i think google has a lot of similar dna to amazon in a lot of ways. it was a nice shot out. phil: it was a high bar for google. amazon did a great job with echo. it is the first conversational thing people have. it is great to see google in the space. emily: i love amazon echo. so, obviously, a lot of these things are cool. but which of them are the most likely to turn into an actual business? or big business? minnie: underlying all of this, i think google is putting this first. but they will have to figure out
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how to monetize it so. i do not think google's dna is about doing something good for users, and monetization will follow. but i will be interested to see how that works for them. phil: i would to know what you think about cars. the cofounder of shift, are you buying and selling used cars, and google is working with self driving cars. do you think the whole concept of car ownership will change fundamentally? over the next few years? minnie: yeah, so when i was a google i got to take the old version of the self driving car home sometimes. it was great, but it was essentially like a more sophisticated version of cruise control. and i don't -- i don't like it. minnie: you take your foot away from the break, because you would want to step on the right. but car ownership is not going anywhere. we have not seen a decline. 60 million cars are sold in the u.s. every year. but when it happens, they will be happy to buy and sell your a
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autonomous vehicle. emily: we didn't hear a lot about cars, is that something? minnie: we did not hear much. but there was one on display. i think you'll be seeing them more than we will be hearing about them. minnie ingersoll, shift technology ceo, thank you for joining us. a longtime googler. phil libin is still would be. next up, we dive into the world of food delivery. we will hear from the ceo of instacart about what he is planning next. and if you like to listen to radio, you can hear us on and sirius xm. ♪
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mark: i am mark crumpton. you are watching bloomberg west. let us begin with a check of your first word news. reportsciated press european purity officials say the flight manifest for egyptair flight 804 contained no known names on the terror watchlist. the manifest has not been officially verified. officials say it is still too early to tell us what brought down the flight from cairo to paris. it had 66 people aboard. egyptian officials expect terrorism. the reclaiming of the small western town by iraqi forces is being seen as a symbolic morale booster. islamic state had occupied the town for the past two years. the iraqi army says the main road from oman to baghdad, a
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significant economic lifeline for iraq can now be reopened. the united nations have agreed to make it easier to suspend its visa waiver program with some countries. it comes as turkey is trying to secure visa free travel for his citizens. the so-called suspension mechanism would come into play to ensure security. it would apply to georgia, ukraine, kosovo, and turkey. british prosecutors say the man who climbed over a buckingham palace wall and wondered the ground for 10 minutes on wednesday was a convicted murderer. the intrusion triggered a police sweep with dogs and a helicopter before he was apprehended and detained. several intruders have breached palace security over the years. president obama is trying to ton out the heat on congress be the zika virus. he told lawmakers, they have to get moving. president obama: this is something that is solvable, that is not something we have to
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panic about. but it is something that we have to take seriously. and if we make a modest investment on the front end, then this is going to be a problem that we do not have to deal with on the back end. mark: the president says researchers need time to develop a vaccine, and states need time to strengthen mosquito control programs. six years ago, donald trump called on a on assault weapons. today, he received the endorsement of the national rifle association. he told the group's convention in louisville, kentucky, that democratic presidential front-runner hillary clinton has her sights set on the constitution. mr. trump: crooked hillary clinton is the most anti-second amendment candidate to ever run for president. mark: on saturday, mrs. clinton addresses the trayvon martin foundation in fort lauderdale, florida. martin was the unarmed black
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teenager who was shot by george zimmerman in 2012. global news, 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. from bloomberg world reporters in new york, i am mark crumpton. ♪ so what is next for the food delivery sector? fresh direct, google direct, new players have burst on the scene. the sector attracted a lot of investor attention, but recently vc interest has pulled back. a billion-dollar of a fear evaluation and instacart is pushing ahead. they said in march that it was gross margin profitable. and renewing ties with whole foods with plans to expand into new markets together. we went behind the scenes with
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them at a whole foods store to see how the partnership works in practice it. >> they plan to expand into more u.s. cities. and by year-end, instacart says they will have dedicated shoppers and more than half of all whole foods stores. they say they will deliver more groceries to american homes than anyone else. >> it allows us to think fairly long-term. five years in the life of a startup is a long time. it gives us that runway to really experiment on more audacious new projects. >> it is a marriage of expediency. whole foods can count on a steady flow of orders from instacart just as the company is facing more competition from retailers moving into organic foods. and its stock is more than 28% lower than it was a year ago. >> with more orders occurring every day, we can more intelligently route each
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particular order in the most efficient way possible. that way, we can send a driver with multiple bags on a route that might have him only making stops in the same neighborhood. with scale comes in a lot of extra efficiency. >> it is a definitel delicate b. keeping quality out while the metrics that really matter are's speed. is this bringing instacart closer to profitability? the startup is reportedly making money in cities like atlanta and chicago. but instacart still has to prove it has real staying power. emily: our producer there. mehta is withrva: us. how has the partnership with so whole foods gone so far? apoorva: it has been going great. we launched the partnership in
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2014, and there are two main reasons for that partnership. one was understanding that there is demand for instacart delivering from whole foods. and the second one was understanding how a potential partnership with whole foods could work. and the results have been phenomenal. we have grown tremendously with whole foods. and today, we are delivering from hundreds of whole foods stores across the country. and in many of the stores in the whole foods location, up to 15% of their volume now comes from instacart. the demand has been incredible. in terms of our partnership we really work together in a very productive way, across the organization. and we are integrating really well with the whole foods stores. emily: how much of your business is driven through whole foods? apoorva: i cannot go into the detail. but one of the things i will share is that whole foods is a partner that is one of the only
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partners that is actually present in all of the markets we are in. we will be expanding to many more areas. this year as well is the next five. emily: have they actually invested? apoorva: i cannot comment on that. phil: really love the service. i have been using your service if you years. i noticed you have a new service. it is great. a kind of anything. when i order something from amazon, i get exactly what i order. when i order from instacart, it is close, but not really. how do you compete with that? apoorva: it is a very difficult problem. it is something we are working very aggressively on to solve. stores from over 900 across the country. and these stores have inventory levels that are different. and every single location, the fact is that none of those
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stores actually know what is in their store at any given it in time. in the way we are doing that, getting better every single day, is through predicting what is in stock at any given point in time. so to give you an example, we know the likelihood of yogurt being in stock at whole foods at 6 p.m. on a sunday. and we're getting better. we are getting better with the data we are collecting every single day. phil: are you making a bet that variety is more important, versus the certainty of getting what you order. is that dangerous? apoorva: variety is important. but i don't think the debt is that when a customer orders something, that they should get that delivered. we believe they get what they ordered delivered, and we are working on that. and the majority of the orders, that is the case. when a customer order something, they actually get that. in some cases that is not the
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case, and that is something we want to reduce. in terms of the selection, we have millions of items that are available to a customer and that is not the same with many other services. emily: how do you respond to get skepticism around the food delivery market, and this is a new generation? apoorva: well, look, i think the skepticism is healthy. right? i think that the questions people are asking are important questions. does the unit economics make sense for the business or not. that is true for food delivery, and any other business. right? and so the way we think about it is that as a company overall on a gross margin basis, our unit economics are working. 15 out of the 20 markets we are in, we are actually making money. we are quite confident about this. emily: what are the gross margins? apoorva: what you mean.
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how you define gross margin? emily: and what cities are you most profitable? apoorva: we are not disclosing what markets are most profitable, but as you can imagine, 15 out of the 22 markets are growth margin profitable, and that is essentially all the market that have had the 10 year investment in instacart. all of the new markets are not profitable yet. they are getting profitable more and faster. for example, indianapolis was a market we lost a few months ago, and it turned profitable in the least amount of time ever. and so, when you have new markets turning profitable faster and faster. phil: is the rise of all of these conversational ways of ordering, an opportunity or a threat? apoorva: things will be developing over the next few months as more and more companies build innovative
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bots. this is of course something we have experimented with, and understood what the experience can be like. but the reality is when you are ordering hundreds of dollars of worth of groceries, it is good to go through the experience of finding an item, looking at it and a browsing the related items, understanding and looking recipes, and being inspired by the recipes. and so we find that experience is very important. and you know, one of the things that we look at is how do we reduce the time to order. that has been going down over time. emily: now, last summer you converted a lot of your contractors to part-time employees. how have things been working out since then, how much shopper and do you see in how you deal with that? apoorva: we are very proud of the fact that we converted a
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huge portion of our shoppers into part-time employees. these are the people who are in the stores, in-store shoppers. and the reason why it is important for them to be our part-time employees is because we promise the customers that the groceries they get their door is going to be picked that are like themselves as well. how do you create that? you create that by making sure the people who are picking the groceries are aligned with the culture of the company. and we are able to train the shoppers can provide them regular coaching. you can do that if you have the control you do when you have part-time employees. it is working out really well and we will be growing that. emily: haven't you also changed the rules for shoppers? ear and how they listen to music? how's that working out? apoorva: from what i understand we have not change the rules about their music references. emily: when they listen to music. apoorva: we make sure our
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shoppers are delivering a high quality experience. and they are doing that with high efficiency. that is what is important for us. if there are any changes, those are in line with that. so yeah, that is how we think about it. emily: instacart ceo apoorva: mehta, as a working mom, i use your service. phil, you are staying with me. coming up, a new social network . we talked with the ceo and ster on hisfriend latest company.
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emily: this is bloomberg west.
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i am emily chang. now, to the social news service, the first network of newsletters. this product release comes in the midst of a heated debate between facebook and conservatives over the social network's responsibility to users, when it comes to disseminating news. here with us is the ceo. jonathan abrams. libin, managing director of general catalyst. app, right after e-mail. >> i checked to confirm that. but you still use it. i see that you are using it every day. thank you. emily: you can see a lot of information about me. jonathan: that is interesting. emily: that is interesting. is that an invasion of my privacy? jonathan: a lot of services know what you're reading, but hopefully they are not sharing. we are very strict. with nozzle, it is all about people consciously sharing
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things. you only see stuff that they tweet and retweet. we have taken a strict policy to sharing. emily: you guys are launching a network for compiling e-mails and newsletters. why? jonathan: e-mail newsletters are now hotter than ever. people use facebook for almost an hour a day. people are on e-mail for almost six hours a day. we all love twitter. am am on twitter all the time, because people don't use twitter. people will use facebook a lot, because most of them cannot see it. they gets filtered out. we have a real direct relationship with them. phil: i am someone on e-mail six hours a day. and i hate it. are you going to make that better for me? jonathan: people are going to be on e-mail no matter what.
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what we are going to do, give them a chance to curate and subscribe to newsletters that people are curating, and getting newsletters that they are not getting now. it saves these people time. it is a way to find hand-picked, curated selections about those people who are in the -- experts in the field. i think it will save people time. whether people are using a six hours a day or not, it is just in their inbox. being in their box is a good thing. phil: how much duration can you do with ai, and how much has to be people with taste? jonathan: our approach does not use any ai. le,ot of people open up nuzz and some people think it is so relevant. we much be doing other things. it is just a social approach. done extremely well, it is effective. in terms of an ai where facebook or other companies are using using algorithms to determine
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what people see, we do not do that. emily: so there are humans? jonathan: we have not hired journalist. we don't have a secret software company. and people like you, you guys tweak things. you guys share things. and it is aggregated automatically in the feed, and then the user who creates the newsletter will take a few stories they like, and that goes into their newsletter. it is all people powered. not humans who work as editors. but people on the internet. emily: what is your take on the facebook trending controversy? jonathan: it is kind of funny. the reaction is not in the trending area. it is in the newsfeed. that is delivering huge amounts of traffic to publishers. if i was a publisher, i would be a little bit nervous about relying on that traffic, because they could tweak that algorithm at any point. you know why you're seeing it on
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there because more of your friends shared it. and if you subscribe to some of these newsletters. using the ones we launched this week, it will be things that person chose. that person will curate in a few minutes a day, and you will know why you are seeing you. where is facebook, they as a company are deciding their algorithms, and you are at the mercy of that. emily: can it be lately unbiased -- completely unbiased? if humans are making the algorithms? phil: is unbiased even the goal? jonathan: probably not. it is a little analogous to google search operations. which they change over time, and that affects certain companies going up and down in the rankings. we had humans making the choices, but it is explicit if you expressly subscribe to his newsletter, you know he is making the choices. emily: how do you make money? how do you turn this into a sustainable business? jonathan: the first thing we did
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ofthat we are taking a sort whole bunch of newsletters altogether, and being put ads or other things with that. no one has built a network of newsletters before. you can imagine, it can get pretty big. say if twitter has 300 million active users, if they all had 1000 people subscribing it, you have one billion people in your inbox a day. for example, maybe you want to promote something to me and phil. tips foryou have any e-mail creators how to stand out? jonathan: it is really hard. a lot of customers who use constant contact, they're not fresh. they are not personalized. but doing this by hand is very hard. people who do this, there are fantastic one. and they are great. but people get up and work on those for like three hours everyday. a lot of users are not going to do that.
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what we are saying is that we can do that for you automatically. but doing it by hand is a lot of work. having fresh content in your newsletters is actually really hard. emily: jonathan abrams, ceo of nuzzle, thanks much for joining us. jonathan: you bet. emily: we will be right back. ♪
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emily: i'm emily chang, and this is bloomberg west. a study conducted by three harvard scholars says that china fabricates about 488 million social media comments per year. the goal is to distract citizens from unfavorable news, usually timed around periods of unrest or to shift public opinion. the propaganda workers are said pere paid eight cents social media post. be sure to tune into the request on monday. we will hear from one of the harvard scholars behind this finding. back with us, my guest host, phil libin. he was the ceo of evernote.
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and he is now at cap last -- catalyst investor. by the way, do you know what i'm reading in my evernote? phil: i have no idea. we have no idea what you are doing it. our employees cannot see it. emily: good to know. you know, we talked about the environment and touched on it with uber at the top. but i'm curious what your thoughts are about the fact that so many bonds have raised billions of dollars, but there seems to be a pause in investment. how does this play out? phil: i think there is a cause. which basically means there is a really bad time to do a me too business. but a great time to do something new and foundational. the causes are really really important companies get made. the last time there was a pause was 2008. there was smartphones and social. that is when evernote, uber, dropbox all got started. emily: so when does the hose get turned back on? phil: i think it is happening now.
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what is going to power it is ai and bots, conversational ai. they are being built right now. and the next nine to 18 months we will start launching, and you will see the same kind of inflection based on that that you saw in 2009, 2010 based on apps. libin, general catalyst. founder of evernote, thank you for joining us on the show today. it is now time to find out who is having the best day ever, and today's winner is apple ceo tim cook. he is getting the rockstar treatment on his first trip to india. he has been spotted by everyone from hollywood film stars. and he hopes the publicity turns into sales. india is mostly untapped territory for apple. the apple ceo wants to lower the price of iphones in india, and sell preowned devices that are refurbished. that does it for this edition of bloomberg west. monday, i will be joined by a
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thrillist ceo. that does it for us. our wonderful weekend, everybody. see you next week. ♪ . .
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